{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Japan GBP Hedged UCITS ETF",
    "investment_objective": "To track the MSCI Japan 100% Hedged to GBP Net TR Index, providing exposure to Japanese equities with currency hedging of JPY to GBP using FX forward contracts.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Currency Hedging via FX Forwards",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF physically investing in Japanese equities, aiming to replicate the MSCI Japan Index with a currency hedge to GBP using one-month FX forward contracts. The KIID and PRIIPs KID confirm the use of physical replication with sampled securities and FX forwards for hedging, not synthetic replication or swap-based structures. There is no mention of swap agreements, total return swaps, or derivative counterparty risk beyond standard FX forward usage for hedging purposes. Leverage or inverse exposure is not present. The risk indicator is medium (4/7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and currency hedging, not complexity). Costs are straightforward with no performance fees or swap fees. The monthly factsheet confirms physical holdings in equities and currency hedging via FX forwards, with no complex underlying assets or structured products. The FX forwards are used for hedging, not as an inherent part of the investment strategy, so derivatives are marked false. No capital protection or structured features are present. Overall, the Fund\u2019s structure and strategy are transparent and straightforward, with complexity arising only from currency hedging, which is common and not sufficient to classify the ETF as complex under MiFID II rules."
}